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Improving older workers’ employability until their retirement age

“HR policy aimed at sustainable employability helps ageing people stay in work” For many individuals it is challenging to continue to work until their retirement age. If they can no longer rely on income from work, individuals need to draw on social support schemes or their own means to provide for themselves. Longer working lives may improve ageing people’s financial position. A combination of…

To what extent can partial retirement ensure retirement income adequacy?

“Partial retirement allows to reduce workload and maintain an adequate pension income.” Partial retirement before the state pension age allows people to reduce workload and maintain an adequate pension income at the same time. After a career of full-time work, those who retire part-time instead of full-time are much more likely to attain an income replacement of 70% during partial retirement, and subsequently a…

The self-employed and employees have different ideas when it comes to retirement

“Job characteristics such as flexibility relate to preferences to continue working for longer” Self-employed people on average prefer to continue working two years longer than their salaried counterparts. They are also more often uncertain about their future retirement age. Previous research suggests that this difference could partly be explained by the relatively limited pension savings of the self-employed. This study examines whether job characteristics…

Investment risk with guarantees after retirement

“Combining a fixed and variable annuity has added value for participants” The Premium Schemes (Improvements) Act (Wet verbeterde premieregeling, Wvp) allows for continued investing following a person’s retirement date, but this is not without risks. We assess a number of continued investment strategies via a simulation study based on financial scenarios of De Nederlandsche bank (the Dutch central bank). We compare alternative ways of…

Infographics and Financial Decisions

“Infographics can help potentially vulnerable investors make better decisions.” European investment funds have been including infographics in their mandatory information documents since 2012. Research shows that such visual depictions of the differences between major investment funds can help consumers with low financial literacy and little investment experience to significantly reduce avoidable fees. This effect is absent among retail investors with investment experience, although the…

Pension communication: “Knowledge seminars by pension fund have positive effect on saving behavior”

Interview with Jan Kabátek (University of Melbourne) Pension systems in Western countries are under pressure and in many cases, individual savings are becoming more important. However, there is often still a considerable gap between what people need and what they actually save. “Financial education can have a positive effect on saving behavior. Which interventions are the most suitable, however, has only rarely been tested”,…

Public Money for Private Elderly Care

More freedom of choice, but not everybody avails themselves of the options to the same extent In the Netherlands, people who have a right to publicly funded nursing home care can choose to receive a personal budget (PGB) or a complete or modular home package (VPT or MPT). These arrangements increase the sense of freedom of care in a self-chosen setting: 20% of PGB…

Better Coinsurance Risk Sharing in Nursing Home Care

“Long-term nursing home care constitutes a considerable financial risk for the middle class” One in five older people in the Netherlands will need nursing home care during their lifetime. Users must pay a portion of the cost themselves, as determined by their income- and wealth-dependent co-payment. This co-payment constitutes a considerable financial risk for middle-class seniors who need long-term nursing home care. For this…

Raising pension awareness through letters and social media

“Letters with fear appeal are effective in increasing the basic knowledge of the pension system” The social sustainability of a new pension contract depends on its communication. It is therefore important to gain insight into the extent of a person’s pension awareness. Pension literacy is low. About 60% of people think, for example, that state pension contributions are partly invested and nearly a third…

Emotions and technology in pension service interactions

“How technology can improve – rather than replace – human interaction within pension services” With the upcoming pension reforms, it is important that pension participants become well informed about their pension situation and the choices they have. Personal interaction between pension provider and participant – via email, call center or chat – plays an important role in this. In contact with participants, managing negative…

Netspar, Network for Studies on Pensions, Aging and Retirement, is a thinktank and knowledge network. Netspar is dedicated to promoting a wider understanding of the economic and social implications of pensions, aging and retirement in the Netherlands and Europe.

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